[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[S. 970 Introduced in Senate (IS)]







110th CONGRESS
  1st Session
                                 S. 970

 To impose sanctions on Iran and on other countries for assisting Iran 
        in developing a nuclear program, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 22, 2007

 Mr. Smith (for himself, Mr. Durbin, Mr. Lautenberg, Mr. Coleman, Mr. 
 Lieberman, Mr. Brownback, Mr. Bayh, Mr. Kyl, Mr. Thune, Ms. Mikulski, 
 and Mr. Menendez) introduced the following bill; which was read twice 
                and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
 To impose sanctions on Iran and on other countries for assisting Iran 
        in developing a nuclear program, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Iran Counter-Proliferation Act of 
2007''.

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) For more than 20 years, Iran has pursued a secret 
        nuclear program that is intended to produce a nuclear weapons 
        capability for Iran.
            (2) The Government of Iran has consistently misled the 
        United Nations, the International Atomic Energy Agency, and the 
        United States as to the objectives and scope of its nuclear 
        activities.
            (3) Iran has refused to comply with United Nations Security 
        Council Resolution 1737, adopted on December 23, 2006, which 
        called for the suspension of all enrichment-related and 
        reprocessing activities and is advancing work at its largest 
        nuclear facility.
            (4) The International Atomic Energy Agency is unable to 
        verify the absence of undeclared nuclear material and 
        activities in Iran and its Director-General has stated that 
        Iran could be 6 months to a year away from acquiring the 
        material necessary to make a nuclear weapon.
            (5) An Iranian nuclear weapons capability poses a grave 
        threat to the security of the United States and its allies 
        around the world.
            (6) It is in the national security interests of the United 
        States to prevent Iran from acquiring a nuclear weapons 
        capability.
            (7) The United States should use all political, economic, 
        and diplomatic tools at its disposal to prevent Iran from 
        acquiring a nuclear weapons capability.
            (8) Nothing in this Act should be construed as giving the 
        President the authority to use military force against Iran.

SEC. 3. SENSE OF CONGRESS.

    The following is the sense of Congress:
            (1) The United States should pursue vigorously all measures 
        in the international financial sector to restrict Iran's 
        ability to conduct international financial transactions, 
        including prohibiting banks in the United States from handling 
        indirect transactions with Iran's state-owned banks and 
        prohibiting financial institutions that operate in United 
        States currency from engaging in dollar transactions with 
        Iranian institutions.
            (2) The United States Trade Representative or any other 
        Federal official should not take any action that would extend 
        preferential trade treatment to, or lead to the accession to 
        the World Trade Organization of, any country that is determined 
        by the Secretary of State to offer government-backed export 
        credit guarantees to companies that invest in Iran or any 
        country in which the government owns or partially owns an 
        entity that invests in Iran.
            (3) Iran should comply fully with its obligations under 
        United Nations Security Council Resolution 1737, and any 
        subsequent United Nations resolutions related to Iran's nuclear 
        program, and in particular the requirement to suspend without 
        delay all enrichment-related and reprocessing activities, 
        including research and development, and all work on all heavy 
        water-related nuclear activities, including research and 
        development.
            (4) The United Nations Security Council should take further 
        measures beyond Resolution 1737 to tighten sanctions on Iran, 
        including preventing new investment in Iran's energy sector, as 
        long as Iran fails to comply with the international community's 
        demand to halt its nuclear enrichment campaign.
            (5) The United States should encourage foreign governments 
        to direct state-owned entities to cease all investment in 
        Iran's energy sector and all imports to and exports from Iran 
        of refined petroleum products and to persuade, and, where 
        possible, require private entities based in their territories 
        to cease all investment in Iran's energy sector and all imports 
        to and exports from Iran of refined petroleum products.
            (6) Administrators of Federal and State pension plans 
        should divest all assets or holdings from foreign companies and 
        entities that have invested or invest in the future in Iran's 
        energy sector.
            (7) Iranian state-owned banks should not be permitted to 
        use the banking system of the United States.
            (8) The Secretary of State should designate the Iranian 
        Revolutionary Guards as a Foreign Terrorist Organization under 
        section 219 of the Immigration and Nationality Act (8 U.S.C. 
        1189) and the Secretary of the Treasury should place the 
        Iranian Revolutionary Guards on the list of Specially 
        Designated Global Terrorists under Executive Order 13224 (66 
        Fed. Reg. 186; relating to blocking property and prohibiting 
        transactions with persons who commit, threaten to commit, or 
        support terrorism).

SEC. 4. DEFINITIONS.

    In this Act:
            (1) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' has the meaning given 
        that term in section 14(2) of the Iran Sanctions Act of 1996 
        (Public Law 104-172; 50 U.S.C. 1701 note).
            (2) Investment.--The term ``investment'' has the meaning 
        given that term in section 14(9) of the Iran Sanctions Act of 
        1996 (Public Law 104-172; 50 U.S.C. 1701 note).
            (3) Iranian diplomats and representatives of other 
        government and military or quasi-governmental institutions of 
        iran.--The term ``Iranian diplomats and representatives of 
        other government and military or quasi-governmental 
        institutions of Iran'' has the meaning given that term in 
        section 14(11) of the Iran Sanctions Act of 1996 (Public Law 
        104-172; 50 U.S.C. 1701 note).
            (4) Family member.--The term ``family member'' means, with 
        respect to an individual, the spouse, children, grandchildren, 
        or parents of the individual.

SEC. 5. CLARIFICATION AND EXPANSION OF DEFINITIONS.

    (a) Person.--Section 14(13)(B) of the Iran Sanctions Act of 1996 
(Public Law 104-172; 50 U.S.C. 1701 note) is amended--
            (1) by inserting ``financial institution, insurer, 
        underwriter, guarantor, and other business organization, 
        including any foreign subsidiary, parent, or affiliate of the 
        foregoing,'' after ``trust,''; and
            (2) by inserting ``, such as an export credit agency'' 
        before the semicolon.
    (b) Petroleum Resources.--Section 14(14) of the Iran Sanctions Act 
of 1996 (Public Law 104-172; 50 U.S.C. 1701 note) is amended by 
striking ``petroleum and natural gas resources'' and inserting 
``petroleum, petroleum by-products, liquefied natural gas, oil or 
liquefied natural gas, oil or liquefied natural gas tankers, and 
products used to construct or maintain pipelines used to transport oil 
or liquefied natural gas''.

SEC. 6. RUSSIA NUCLEAR COOPERATION.

    (a) In General.--Notwithstanding any other provision of law, and in 
addition to any other sanction in effect, beginning on the date that is 
15 days after the date of the enactment of this Act, the policies 
described in subsection (b) shall apply with respect to Russia, unless 
the President makes a certification to Congress described in subsection 
(c).
    (b) Policies.--The policies described in this subsection are the 
following:
            (1) Agreements.--The United States may not enter into an 
        agreement for cooperation with Russia pursuant to section 123 
        of the Atomic Energy Act (42 U.S.C. 2153).
            (2) Licenses to export nuclear material, facilities, or 
        components.--The United States may not issue a license to 
        export directly or indirectly to Russia any nuclear material, 
        facilities, components, or other goods, services, or technology 
        that would be subject to an agreement under section 123 of the 
        Atomic Energy Act (42 U.S.C. 2153).
            (3) Transfers of nuclear material, facilities, or 
        components.--The United States may not approve the transfer or 
        retransfer directly or indirectly to Russia of any nuclear 
        material, facilities, components, or other goods, services, or 
        technology that would be subject to an agreement under section 
        123 of the Atomic Energy Act (42 U.S.C. 2153).
    (c) Certification.--The certification described in this subsection 
means a certification made by the President to Congress on or after the 
date that is 15 days after the date of the enactment of this Act that 
the President has determined that--
            (1) Russia has suspended all nuclear assistance to Iran and 
        all transfers of advanced conventional weapons and missiles to 
        Iran; or
            (2) Iran has completely, verifiably, and irreversibly 
        dismantled all nuclear enrichment-related and reprocessing-
        related programs.
    (d) Termination of Policies.--The policies described in subsection 
(b) shall remain in effect until such time as the President makes the 
certification to Congress described in subsection (c).

SEC. 7. ECONOMIC SANCTIONS RELATING TO IRAN.

    (a) In General.--Notwithstanding any other provision of law, and in 
addition to any other sanction in effect, beginning on the date that is 
15 days after the date of the enactment of this Act, the economic 
sanctions described in subsection (b) shall apply with respect to Iran, 
unless the President makes a certification to Congress described in 
subsection (c).
    (b) Sanctions.--The sanctions described in this subsection are the 
following:
            (1) Prohibition on imports.--No article that is grown, 
        produced, or manufactured in Iran may be imported directly or 
        indirectly into the United States.
            (2) Prohibition on exports.--
                    (A) In general.--Except as provided in subparagraph 
                (B), no article that is the growth, product, or 
                manufacture of the United States may be exported 
                directly or indirectly to Iran.
                    (B) Exception for food and medicine.--The 
                prohibition in subparagraph (A) does not apply to 
                exports to Iran of food and medicine grown, produced, 
                or manufactured in the United States.
            (3) Accession to wto.--The United States Trade 
        Representative or any other Federal official may not take any 
        action that would extend preferential trade treatment to, or 
        lead to the accession to the World Trade Organization of--
                    (A) Iran; or
                    (B) any other country that is determined by the 
                Secretary of State to be--
                            (i) engaged in nuclear cooperation with 
                        Iran, including the transfer or sale of any 
                        item, material, goods, or technology that can 
                        contribute to uranium enrichment or nuclear 
                        reprocessing activities of Iran; or
                            (ii) contributing to the ballistic missile 
                        programs of Iran.
            (4) Freezing assets.--
                    (A) In general.--At such time as the United States 
                has access to the names of Iranian diplomats and 
                representatives of other government and military or 
                quasi-governmental institutions of Iran, the President 
                shall take such action as may be necessary to freeze 
                immediately the funds and other assets belonging to 
                anyone so named, the family members of those so named, 
                and any associates of those so named to whom assets or 
                property of those so named were transferred on or after 
                January 1, 2007. The action described in the preceding 
                sentence includes requiring any United States financial 
                institution that holds funds and assets of a person so 
                named to report promptly to the Office of Foreign 
                Assets Control information regarding such funds and 
                assets.
                    (B) Asset reporting requirement.--Not later than 14 
                days after a decision is made to freeze the property or 
                assets of any person under this paragraph, the 
                President shall report the name of such person to the 
                appropriate congressional committees.
            (5) United states government contracts.--The United States 
        Government may not procure, or enter into a contract for the 
        procurement of, any goods or services from a person that meets 
        the criteria for the imposition of sanctions under section 5(a) 
        of the Iran Sanctions Act of 1996 (Public Law 104-172; 50 
        U.S.C. 1701 note).
    (c) Certification Described.--The certification described in this 
subsection means a certification made by the President to Congress 
beginning on the date that is 15 days after the date of the enactment 
of this Act that the President has determined that Iran has completely, 
verifiably, and irreversibly dismantled all nuclear enrichment-related 
and reprocessing-related programs.
    (d) Termination of Sanctions.--The sanctions described in 
subsection (b) shall remain in effect until such time as the President 
makes the certification to Congress described in subsection (c).

SEC. 8. LIABILITY OF PARENT COMPANIES FOR VIOLATIONS OF SANCTIONS BY 
              FOREIGN ENTITIES.

    (a) In General.--In any case in which an entity engages in an act 
outside the United States that, if committed in the United States or by 
a United States person, would violate the provisions of Executive Order 
12959 (60 Fed. Reg. 89) or Executive Order 13059 (62 Fed. Reg. 162), or 
any other prohibition on transactions with respect to Iran imposed 
under the authority of the International Emergency Economic Powers Act 
(50 U.S.C. 1701 et seq.), the parent company of the entity shall be 
subject to the penalties for the act to the same extent as if the 
parent company had engaged in the act.
    (b) Applicability.--Subsection (a) shall not apply to a parent 
company of an entity on which the President imposed a penalty for a 
violation described in subsection (a) that was in effect on the date of 
the enactment of this Act if the parent company divests or terminates 
its business with such entity not later than 90 days after such date of 
enactment.
    (c) Definitions.--In this section:
            (1) Entity.--The term ``entity'' means a partnership, 
        association, trust, joint venture, corporation, or other 
        organization.
            (2) Parent company.--The term ``parent company'' means an 
        entity that is a United States person and--
                    (A) the entity owns, directly or indirectly, more 
                than 50 percent of the equity interest by vote or value 
                in another entity;
                    (B) board members or employees of the entity hold a 
                majority of board seats of another entity; or
                    (C) the entity otherwise controls or is able to 
                control the actions, policies, or personnel decisions 
                of another entity.
            (3) United states person.--The term ``United States 
        person'' means--
                    (A) a natural person who is a citizen of the United 
                States or who owes permanent allegiance to the United 
                States; and
                    (B) an entity that is organized under the laws of 
                the United States, any State or territory thereof, or 
                the District of Columbia, if natural persons described 
                in subparagraph (A) own, directly or indirectly, more 
                than 50 percent of the outstanding capital stock or 
                other beneficial interest in such entity.

SEC. 9. ELIMINATION OF CERTAIN TAX INCENTIVES FOR OIL COMPANIES 
              INVESTING IN IRAN.

    (a) In General.--Subsection (h) of section 167 of the Internal 
Revenue Code of 1986 (relating to amortization of geological and 
geophysical expenditures) is amended by adding at the end the following 
new paragraph:
            ``(6) Denial when iran sanctions in effect.--
                    ``(A) In general.--If sanctions are imposed under 
                section 5(a) of the Iran Sanctions Act of 1996 or 
                section 7 of the Iran Counter-Proliferation Act of 2007 
                (relating to sanctions with respect to the development 
                of petroleum resources of Iran) on any member of an 
                expanded affiliated group the common parent of which is 
                a foreign corporation, paragraph (1) shall not apply to 
                any expense paid or incurred by any such member in any 
                period during which the sanctions are in effect.
                    ``(B) Expanded affiliated group.--For purposes of 
                subparagraph (A), the term `expanded affiliated group' 
                means an affiliated group as defined in section 
                1504(a), determined--
                            ``(i) by substituting `more than 50 
                        percent' for `at least 80 percent' each place 
                        it appears, and
                            ``(ii) without regard to paragraphs (2), 
                        (3), and (4) of section 1504(b).''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to expenses paid or incurred on or after January 1, 2007.

SEC. 10. WORLD BANK LOANS TO IRAN.

    (a) Report.--Not later than 180 days after the date of the 
enactment of this Act, and every 180 days thereafter, the Secretary of 
the Treasury shall submit to the appropriate congressional committees a 
report on--
            (1) the number of loans provided by the World Bank to Iran;
            (2) the dollar amount of such loans; and
            (3) the voting record of each member of the World Bank on 
        such loans.
    (b) Reduction of Contribution of the United States.--The President 
shall reduce the total amount otherwise payable on behalf of the United 
States to the World Bank for fiscal year 2008 and each fiscal year 
thereafter by an amount that bears the same ratio to the total amount 
otherwise payable as--
            (1) the total of the amounts provided by the Bank to 
        entities in Iran, and for projects and activities in Iran, in 
        the preceding fiscal year, bears to
            (2) the total of the amounts provided by the Bank to all 
        entities, and for all projects and activities, in the preceding 
        fiscal year.
    (c) Allocation of Amounts Not Contributed to the World Bank.--There 
is authorized to be appropriated to the United States Agency for 
International Development for fiscal year 2008 and each fiscal year 
thereafter an amount equal to the revenues made available as a result 
of the application of subsection (b). Funds appropriated pursuant to 
this subsection shall be made available for the Child Survival and 
Health Programs Fund to carry out programs relating to maternal and 
child health, vulnerable children, and infectious diseases other than 
HIV/AIDS.

SEC. 11. INCREASED CAPACITY FOR EFFORTS TO COMBAT UNLAWFUL OR TERRORIST 
              FINANCING.

    (a) Findings.--The work of the Office of Terrorism and Financial 
Intelligence of the Department of Treasury, which includes the Office 
of Foreign Assets Control and the Financial Crimes Enforcement Center, 
is critical to ensuring that the international financial system is not 
used for purposes of supporting terrorism and developing weapons of 
mass destruction.
    (b) Authorization.--There is authorized to be appropriated to the 
Secretary of the Treasury for the Office of Terrorism and Financial 
Intelligence--
            (1) $59,466,000 for fiscal year 2008; and
            (2) such sums as may be necessary for each of the fiscal 
        years 2009 and 2010.
    (c) Authorization Amendment.--Section 310(d)(1) of title 31, United 
States Code, is amended by striking ``such sums as may be necessary for 
fiscal years 2002, 2003, 2004, and 2005'' and inserting ``$85,844,000 
for fiscal year 2008 and such sums as may be necessary for each of the 
fiscal years 2009 and 2010''.

SEC. 12. NATIONAL INTELLIGENCE ESTIMATE ON IRAN.

    As required under section 1213 of the John Warner National Defense 
Authorization Act for Fiscal Year 2007 (Public Law 109-364; 120 Stat. 
2422), the Director of National Intelligence shall submit to Congress 
an updated, comprehensive National Intelligence Estimate on Iran.

SEC. 13. EXCHANGE PROGRAMS WITH THE PEOPLE OF IRAN.

    (a) Sense of Congress.--It is the sense of Congress that the United 
States should seek to enhance its friendship with the people of Iran, 
particularly by identifying young people of Iran to come to the United 
States under United States exchange programs.
    (b) Exchange Programs Authorized.--The President is authorized to 
carry out exchange programs with the people of Iran, particularly the 
young people of Iran. Such programs shall be carried out to the extent 
practicable in a manner consistent with the eligibility for assistance 
requirements specified in section 302(b) of the Iran Freedom Support 
Act (Public Law 109-293; 120 Stat. 1348).
    (c) Authorization.--Of the amounts available under the heading 
``Educational and Cultural Exchange Programs'', under the heading 
``Administration of Foreign Affairs'', under title IV of the Science, 
State, Justice, Commerce, and Related Agencies Appropriations Act, 2006 
(Public Law 109-108; 119 Stat. 2321), there is authorized to be 
appropriated to the President to carry out this section $10,000,000 for 
fiscal year 2008.

SEC. 14. RADIO BROADCASTING TO IRAN.

    The Broadcasting Board of Governors shall devote a greater 
proportion of the programming of the Radio Farda service to programs 
offering news and analysis to further the open communication of 
information and ideas to Iran.

SEC. 15. INTERNATIONAL REGIME FOR THE ASSURED SUPPLY OF NUCLEAR FUEL 
              FOR PEACEFUL MEANS.

    (a) Sense of Congress.--It is the sense of Congress that--
            (1) the Concept for a Multilateral Mechanism for Reliable 
        Access to Nuclear Fuel, proposed by the United States, France, 
        the Russian Federation, the Federal Republic of Germany, the 
        United Kingdom, and the Netherlands on May 31, 2006, is welcome 
        and should be expanded upon at the earliest possible 
        opportunity;
            (2) the proposal by the Government of the Russian 
        Federation to bring one of its uranium enrichment facilities 
        under international management and oversight is also a welcome 
        development and should be encouraged by the United States;
            (3) the offer by the Nuclear Threat Initiative (NTI) of 
        $50,000,000 in funds to support the creation of an 
        international nuclear fuel bank by the International Atomic 
        Energy Agency (IAEA) is also welcome, and the United States and 
        other member states of the IAEA should pledge collectively at 
        least an additional $100,000,000 in matching funds to fulfill 
        the NTI proposal; and
            (4) the Global Nuclear Energy Partnership, initiated by 
        President Bush in January 2006, is intended to provide a 
        reliable fuel supply throughout the fuel cycle and promote the 
        nonproliferation goals of the United States.
    (b) Policy.--It is the policy of the United States to support the 
establishment of an international regime for the assured supply of 
nuclear fuel for peaceful means under a multilateral authority, such as 
the International Atomic Energy Agency.
    (c) Contributions to IAEA.--
            (1) In general.--Subject to the requirements of paragraph 
        (2), the President is authorized to make voluntary 
        contributions on a grant basis to the International Atomic 
        Energy Agency (referred to in this subsection as the ``IAEA'') 
        for the purpose of supporting the establishment of an 
        international nuclear fuel bank to maintain a reserve of low-
        enriched uranium for the production of reactor fuel to provide 
        to eligible countries in the case of a disruption in the supply 
        of reactor fuel by normal market mechanisms.
            (2) Requirements for contributions.--Before making a 
        contribution under paragraph (1), the President shall certify 
        to the Committee on Foreign Affairs of the House of 
        Representatives and the Committee on Foreign Relations of the 
        Senate that--
                    (A) the IAEA has received pledges in a total amount 
                of not less than $100,000,000 from other governments or 
                entities for the purpose of supporting the 
                establishment of the international nuclear fuel bank 
                referred to in paragraph (1);
                    (B) the international nuclear fuel bank referred to 
                in paragraph (1) will be under the oversight of the 
                IAEA or another multilateral authority; and
                    (C) the international nuclear fuel bank will 
                provide nuclear reactor fuel to a country only if--
                            (i) at the time of the request for nuclear 
                        reactor fuel, the country is in full compliance 
                        with its IAEA safeguards agreement and has an 
                        additional protocol for safeguards in force;
                            (ii) in the case of a country that at any 
                        time prior to the request for nuclear reactor 
                        fuel has been determined to be in noncompliance 
                        with its IAEA safeguards agreement, the IAEA 
                        Board of Governors determines that the country 
                        has taken all necessary actions to satisfy any 
                        concerns of the IAEA Director General regarding 
                        the activities that led to the prior 
                        determination of noncompliance;
                            (iii) the country agrees to use the nuclear 
                        reactor fuel in accordance with its IAEA 
                        safeguards agreement; and
                            (iv) the country does not operate uranium 
                        enrichment or spent-fuel reprocessing 
                        facilities of any scale.
            (3) Authorization of appropriations.--There is authorized 
        to be appropriated $50,000,000 to carry out this section for 
        fiscal year 2008. Amounts appropriated for this section are 
        authorized to remain available until September 30, 2010.

SEC. 16. REPORTING REQUIREMENTS.

    (a) Foreign Investment in Iran.--Not later than 180 days after the 
date of the enactment of this Act, and every 180 days thereafter, the 
Secretary of the Treasury shall submit to the appropriate congressional 
committees a report on--
            (1) any foreign investments made in Iran's energy sector 
        since January 1, 2007; and
            (2) the determination of the President on whether each such 
        investment qualifies as a sanctionable offense under section 
        5(a) of the Iran Sanctions Act of 1996 (Public Law 104-172; 50 
        U.S.C. 1701 note).
    (b) Investment by United States Companies in Iran.--Not later than 
180 days after the date of the enactment of this Act, and annually 
thereafter, the Secretary of the Treasury shall report to the 
appropriate congressional committees the names of persons that have 
operations or conduct business in the United States that have invested 
in Iran and the dollar amount of each such investment.
    (c) Investment by Federal Thrift Savings Plan in Iran.--Not later 
than 180 days after the date of the enactment of this Act, and annually 
thereafter, the Executive Director of the Federal Retirement Thrift 
Investment Board shall report to the appropriate congressional 
committees on any investment in entities that invest in Iran from the 
Thrift Savings Fund established under section 8437 of title 5, United 
States Code.
    (d) List of Designated Foreign Terrorist Organizations.--Not later 
than 180 days after the date of the enactment of this Act, the 
Secretary of State and the Secretary of the Treasury shall report to 
the appropriate congressional committees on the efforts of the 
Secretary of State and the Secretary of the Treasury to place the 
Iranian Revolutionary Guards on the list of designated Foreign 
Terrorist Organizations under section 219 of the Immigration and 
Nationality Act (8 U.S.C. 1189) and the list of Specially Designated 
Global Terrorists under Executive Order 13224 (66 Fed. Reg. 186; 
relating to blocking property and prohibiting transactions with persons 
who commit, threaten to commit, or support terrorism).
    (e) Establishment of International Regime.--Not later than 180 days 
after the date of the enactment of this Act, the President shall submit 
to the Committee on Foreign Affairs of the House of Representatives and 
the Committee on Foreign Relations of the Senate a report on the 
activities of the United States to support the establishment of an 
international regime for the assured supply of nuclear fuel for 
peaceful means under a multilateral authority, such as the 
International Atomic Energy Agency.
    (f) Export Credits.--Not later than 90 days after the date of the 
enactment of this Act, and every 90 days thereafter, the Secretary of 
the Treasury shall report to the appropriate congressional committees 
on the export credits issued by foreign banks to persons investing in 
the energy sector of Iran, and any fines, restrictions, or other 
actions taken by the President to discourage or prevent the issuance of 
such export credits.
                                 <all>